State Farm To Sell Richardson Campus
State Farm Insurance plans to sell its new 2M SF regional hub in Richardson, a deal that could top $800M.
The four State Farm buildings at City Line were developed in partnership with Dallas-based KDC, but State Farm has since acquired KDC's ownership interest. Eastdil Secured will bring State Farm’s buildings to market.
State Farm spokesman Chris Pilcic tells Bisnow it's State Farm’s intent to sell all four buildings in a sale-leaseback in the first half of 2016.
He says the company will continue moving into State Farm at City Line; the fourth building will deliver later this year. There are 4,700 employees working at State Farm at City Line with a capacity for 8,000. State Farm plans to hire up to 1,000 employees this year.
Chris tells us State Farm has a flexible real estate strategy. It may own, sell or lease property to help maintain the company’s flexibility, and real estate investments help it keep its promise of financial strength to customers.